The article focuses on the mechanisms of market efficiency. It discusses the value of cross-disciplinary research. It has been suggested that the assumptions of homogeneous expectations, effective arbitrage, and investor rationality render the theory impotent as either a descriptive or prescriptive model...
Twenty years ago we published a paper, "The Mechanisms of Market Efficiency," that sought to describe the institutional underpinnings of price formation in the securities market. Since that time, financial economics has moved forward on many fronts. The sub-discipline of behavioral finance has strug...
摘要: In the wake of the financial crisis, shareholders are increasingly relied upon to monitor directors. But while much has been written about directors' flawed jud关键词: shareholder voting corporate governance information aggregration condorcet jury theorem wisdom of the crowds market efficiency ...
Efficiency in markets is directly related to the number of participants in the market. The larger the number of investors, analysts, and traders active in an asset market, the moreefficient marketbecomes. Through time, there can be large fluctuations in the number of market participants and the ...
Related to Market efficiency: Efficient market hypothesisef·fi·cien·cy (ĭ-fĭsh′ən-sē) n. pl. ef·fi·cien·cies 1. a. The quality or property of being efficient. b. The degree to which this quality is exercised: The program was implemented with great efficiency and speed...
In a static exchange economy, when all the endowments are issued as securities on a stock exchange, Pareto optimal allocations may be reached by trading options on the market index (see Breeden and Litzenberger (1978)). We extend this result when some of the risks cannot be exchanged on th...
of rapid error correction and information transmission;competitive market maker system promotes the efficiency of the market.The market maker mechanism maybe have an edge over present mechanism in stock market, and should be the orientation for further development and the optimization of our market. ...
(2000). Market efficiency, the Mexican currency crisis and U.S. bank stock returns: An application of the event parameter model. Global Finance Journal,... O Kilic,D Tufte,M Hassan - 《Journal of Financial Services Research》 被引量: 22发表: 1999年 An empirical investigation of U.S. ban...
Improving efficiency in water use, such as by adopting market mechanisms, may reduce this stress. If the locations and users of surface water diversions change as a consequence, however, there could be widespread effects on many rural and urban users. Economic modeling of surface water uses and...
Sales and operations planning culture and supply chain performance: The mediating effects of five coordination mechanisms. Prod. Plan. Control 2022, 31, 1–13. [Google Scholar] [CrossRef] Hong, P.; Kwon, H.B.; Jungbae Roh, J. Implementation of strategic green orientation in supply chain: ...